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Residential real estate hurdles for first-time home-buyers

Purchasing a home is an exciting life event for many people. While Alberta residential real estate buyers will likely make sure they have experienced lawyers to guide them through the legal processes, some non-legal aspects might deserve to be mentioned. First-time homebuyers are sometimes overwhelmed by anticipation and emotion that could cloud their minds.

Starter homes are aptly named since a first residence is seldom a forever home. Statistics indicate that people keep first and second houses for an average of seven to 10 years only. For that reason, a first home need not be the house that contains everything of which the purchasers dreamed. Realtors suggest buyers should be able to see themselves living in their first house for at least five years and to keep resale value in mind.

Mortgage applications might be jeopardised when substantial purchases or loan applications are made shortly before applying for a mortgage. If the mortgage is not denied, the terms of the loan may be adversely affected. Another concern that is better anticipated than being surprised by are the closing costs of such a purchase. This could amount to as much as 4 percent of the price of the house. On top of that are those unexpected burst water pipes or broken down hot water tanks that wreak havoc with the family budget.

Fortunately, an experienced residential real estate lawyer in Alberta can provide the necessary support and guidance along with valuable input every step of the way. An attorney can also explain how the tax credit allowed for first-time homeowners can be obtained. A lawyer can also make sure that all documents for signature are legally correct, without unpleasant surprises in the small print.

Source: Globalnews.ca, "4 do's and don'ts of buying your first home", Patricia Kozicka, Accessed on May 12, 2017

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